Retail investors, including customers of some online brokerages and brokerages affiliated with the investment banks on the deal, were slated to receive less than 20% of the offering,. That total could change in the final pricing. Facebook placed a larger amount of its shares, 26%, through retail channels. TD Ameritrade Holding Corp. and Fidelity Investments both expected to receive Twitter shares from underwriters for some customers.

Here is a thought that I shared from Prof Aswath Damodaran the authority on corporate finance in this world, valued Twitter at about $10 billion. He made a ton of assumptions to get to that value and argued that changing those assumptions could give you a different value. In the last few days, he is sure that you have seen many stories about Twitter’s post-IPO worth, with numbers as high as $25 billion being offered as estimates. In fact, the gambling markets have already opened on the offering price and the players in that market seem to be siding with the higher numbers.

To describe the market the difference between Pricing Game versus The Value Game have some amazing stuff :The Pricing Game versus The Value Game

The Pricing Game

The Value Game

Underlying philosophy

The price is the only real number that you can act on. No one knows what the value of an asset is and estimating it is of little use.

Every asset has a fair or true value. You can estimate that value, albeit with error, and price has to converge on value (eventually).

To play the game

You try to guess which direction the price will move in the next period(s) and trade ahead of the movement. To win the game, you have to be right more often than wrong about direction and to exit before the winds shift.

You try to estimate the value of an asset, and if it is under(over) value, you buy (sell) the asset. To win the game, you have to be right about value (for the most part) and the market price has to move to that value

If you play the pricing game, you are a trader, and if you play the value game, you are an investor. This is not a judgmental statement, because unlike some value investors, He don’t view traders as shallow as or somehow less critical to the functioning of markets than investors. After all, a trader who makes a million dollar profit can buy just as much with that money as an investor who makes the same profit. Ultimately, which avatar (price or value) best fits you will depend not only on your level of comfort with the tools (Are you better at reading charts or valuing companies?) but also on your personal traits.

In my experience, naturally impatient people who are easily swayed by peer pressure almost never succeed as value players and excessively cerebral folks who have to weigh everything in the balance, before they make decisions, are incapable of being traders.